China's CATL (3750) on Tuesday reported slower profit growth in the third quarter, hit by fierce competition in the electric vehicle battery market as China's auto sales growth cooled.
Net profit at the world's largest EV battery maker rose 14.5 percent from a year earlier to 21.2 billion yuan (US$3.17 billion), according to a stock exchange filing, missing analysts' estimate of a 41.2 percent increase based on LSEG SmartEstimate data.
The third-quarter net profit growth, which follows a 36.5 percent rise in the second quarter, is the slowest in nearly two years.
Revenue climbed 58.6 percent year-on-year to 165.2 billion yuan, undershooting forecasts for a 60.2 percent increase, after growing 56.9 percent in the previous quarter.
Reuters
